An official from the Shanghai Stock Exchange said that mainland regulators are “basically ready” to allow foreign issuers to sell stock on the board, Bloomberg reported. Xu Ming, the executive vice president in charge of the international stocks board, told Bloomberg in an interview that while no timetable has been set, the bourse has finished work on the necessary technological and regulatory requirements. Foreign multinationals like HSBC (HBC.NYSE, HSBA.LSE, 0005.HK), Coca-Cola (KO.NYSE) and Starwood Hotels and Resorts Worldwide (HOT.NYSE) have all indicated interest in listing in mainland China, where many analysts reckon valuations to be higher than in other markets. A Shanghai international board has been occasionally mooted for several years but has been hobbled by jurisdictional, accounting and regulatory obstacles. If implemented, the board could boost Shanghai’s development as a regional financial hub, possibly at the expense of Hong Kong.
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